Raw 02 - September 2008 - (Page 45)

emma thompson RAW Emma Thompson ‘crunch’ is fact or fiction for the SME sector and I’ll tell you how you can get involved at the end. In the meantime, here are some tips that will ensure that you make the most of any opportunity that does arise and minimise any problems you may have as a result of the economy. 1 If you have been coasting along with no (or little) marketing now is the time to show potential customers the added value you can provide and review what you are offering. Indeed the best time to market is when you don’t need any more business to avoid peaks and troughs in the business cycle. So if you haven’t seen a downturn in business you should be pre-empting any potential slow down for 2009. 2 I know some of you don’t like the ‘sales’ word. Feel the fear and do it anyway! What will happen if you don’t do it? It’s a business transaction and there are hundreds of reasons why somebody might not buy. It’s nothing personal. 3 The best source of new clients is old clients. We all know how long it can take to fill the pipeline, so make it easier for yourself. The harsh reality is we need to guarantee a certain level of income each month to cover overheads which, in the current climate, are rising rapidly. Increase your speed and potential for gaining more work by asking clients whether they would consider referring your business to others. Testimonials, references and case studies also spring to mind, as well as joint promotion. 4 Did you know that repeat customers spend 33% more than new customers? Now is the time to remind existing customers of the benefits you can provide. If you aren’t sure then start having conversations with customers and potential customers about your products, competitors products and what they like and dislike about your current offering. The more you listen and understand, the more likely you are to communicate the right messages, or develop a new idea, that secures a sale. I’m interested in having a conversation with you about your business so please take the time at the end of this feature to tell me what you think about the ‘crunch.’ 5 Market for quality not quantity. Make sure you meet, or exceed, expectations rather than under-deliver. Focus on the type of clients you want to work with and with whom you can provide real business benefits. It’s more enjoyable to take on a client who shares your values and you’ll naturally go the extra mile for them. 6 Cash is king. Renegotiate contracts with suppliers if there is significant competition as there are probably some good deals to be struck. 7 Diversify your customer portfolio. If most of your clients are in those sectors hardest hit by the economic conditions why not review how your product of service could apply to other sectors which are expanding. 8 Be creative and personal. Whatever type of marketing you decide to undertake, your hit the yes button and if you are as busy, or busier than ever, click on the no button. If you haven’t seen any difference or can’t say for certain whether the economy is having an effect, select not sure. You’ll then be asked to indicate your industry sector so that we can make the statistics more meaningful and what challenge you face at the moment in your business. No other information will be collected and I won’t contact you again unless you ask me to. The more people participate in the survey, the more representative it will be. We’ll publish the results in a future edition of this newsletter. A little bit about the author Emma started corporate life at KPMG where she worked in marketing before being headhunted by the Royal College of Surgeons. She subsequently joined The Royal College of Nursing where she researched the feasibility, scoped out the business plan and obtained support for the establishment of an Accident and Emergency faculty. Her next role was at the Environment Agency where she supported the board in their strategic decision-making before moving on to provide marketing and business planning support to 30 academics responsible for researching and advising on flood risk, climate change, land and air quality. She subsequently supported all functions within Water Management on communications activities including consultation best practice and helped the marketing function through a change programme. Now based in Oxford, Emma combines a role for the elite Sunday Times Fast Track league table programme with an advisory capacity for entrepreneurs, working with them on key issues impacting their business and helping them develop the right strategy to increase their client base. Recent projects have included working with a shop fitting company to re-position its offering and writing promotional material for a software developer and a training and development company. For more information please visit www.emmathompson.me.uk. Did you know that repeat customers spend 33% more than new customers? Now is the time to remind existing customers of the benefits you can provide. impact will be low unless you do your research and make your messages relevant. After all, the hardest part is actually getting in front of a potential client. But don’t forget you’ll need to repeat, repeat, repeat before the message is heard because timing is everything. 9 Re-energise partnerships. The more strings you have to your bow the more value you provide a potential customer. You may even be able to generate commission through referrals to top up your income. 10 Remember the E-myth. If you’re a technical specialist – let the experts help so you can do more of what you are good at. I said at the beginning that I wanted to know to what extent the economy was having an impact on SMEs. So here’s your chance to tell me by going to www.emmathompson.me.uk/ survey.php. If you have seen work begin to dry up please better business, better life millionimpossible.com 45 http://www.emmathompson.me.uk/survey.php http://www.emmathompson.me.uk/survey.php http://www.emmathompson.me.uk http://www.millionimpossible.com

Table of Contents Feed for the Digital Edition of Raw 02 - September 2008

Raw 02 - September 2008 Contents Scott English Rachael Elnaugh Colin Stroud Heidi Weir Chris Wright Million Impossible Emma Thompson

Raw 02 - September 2008

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